Friday, April 3, 2009

Venture capital firm Kleiner Perkins feels sting of investing in oil

From VentureBeat:
Kleiner Perkins, one of Silicon Valley’s most respected venture firms, has made a big deal about investing in green technology.

The firm, which has backed famous companies like Google, Amazon and Sun, recently raised an entire fund devoted exclusively to invest in companies it will hope to clean up the environment.

So it was somewhat surprising a few years ago when Kleiner invested into an oil and gas exploration company, Terralliance, which boasted it reduces the cost of finding oil. In other words, it makes oil production even more cheap, and thus made burning fossil fuels more attractive compared to alternative energy sources....MORE